Lawyer Sues CBN, AGF for Failing to Implement NASS 2019 Resolution to Sack “Unqualified “ Stella Okotete

There seems to be more trouble for the NEXIM Bank Director, Stella Oketete as Nigerian lawyer and founder, Incorporated Trustees Of Ilaje Global Think Thank Initiative, dragged the President Muhammadu Buhari, Central Bank of Nigeria, and Attorney General of the Federation for failing to implement the 2019 senate resolution that recommended the sack of the embattled NEXIM Bank Director. 

In 2019, the Nigerian Senate recommended the resignation or sacking of Stella Okotete, the Executive Director (Business development) at the Nigeria Export-Import (NEXIM) Bank over alleged fraudulent misrepresentation regarding her qualification.

In a report by the Nigerian Committee on Ethics, Privileges and Public Petitions, it revealed that Okotete fraudulently misrepresented her qualification to hold the post of Executive Director at the bank.

The report of the Senate Committee revealed that Oketete did not have 15 years post-graduation experience required to occupy such high office as specified by the Central Bank of Nigeria circular of 15th October, 2015. 

“Following from the above observation, the Committee wishes to recommend as follows: that since Stella Okotete didn’t meet the 18 years post-graduation qualification requirement to assume office as Executive Director at NEXIM or any other Bank for that matter, she be directed to vacate that office with immediate effect,” the report by the committee read.

However, three years after the recommendation by the lawmakers, Okotete was re-appointed by President Muhammadu Buhari for another term of five (5) years.

In a bid to force the federal government to honour its own report that recommended the sack of the NEXIM Director,  

 Incorporated Trustees Of Ilaje Global Think Thank Initiative dragged the President, CBN, AGF, to Abuja Federal High Court to follow the due process in the appointment of the NEXIM Bank Director. 

Amongst other things, the plaintiff seeks the following relief: 

1. A DECLARATION that, in view of Section 6.1.1. of the Central Bank Of Nigeria’s Circular on Revised Assessment Criteria for Approved Persons’ Regime for Financial Institutions, 2015, the 1st Defendant is not qualified to hold the position of Executive Director of Nigerian Export-Import Bank (NEXIM BANK).

2. A DECLARATION that, in view of Section 6.1.1. of the Central Bank Of Nigeria’s Circular on Revised Assessment Criteria for Approved Persons’ Regime for Financial Institutions, 2015, the 2nd Defendant cannot validly appoint or reappoint the 1st Defendant as Executive Director of Nigerian Export-Import Bank (NEXIM BANK).

3. A DECLARATION that the appointment of the 1st Defendant as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK) by the 2nd Defendant is wrongful, illegal, unconstitutional, null and void.

4. A MANDATORY ORDER nullifying and rescinding the appointment of the 1st Defendant as the as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK) which was made by the 2nd Defendant.

5. A MANDATORY ORDER compelling and mandating 1st Defendant from vacating office as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK) and from refunding to the Federal Government of Nigeria every entitlement, salary and remuneration received during her entire period in office as Executive Director of Nigerian Export-Import Bank (NEXIM BANK).

6. AN ORDER OF THIS HONOURABLE COURT disqualifying the 1st Defendant as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK)

7. A PERPETUAL INJUNCTION restraining the 1st Defendant, including her privies or agents, from parading herself as the Executive Director of Nigerian Export-Import Bank (NEXIM BANK).